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Assessing IT Security Measures of HSBC Bank
Finance & Accounting
Pages 10 (2510 words)
IT SECURITY MEASURES ABSTRACT The IT industry has recorded a significant growth and development rapid development in a large network integrity and interoperability of advanced technology systems giving rise to numerous security problems. Various organizations that have interdependent systems and work on data sharing are under constant threat to security.
Pre defined and anticipated risks have to be assessed meticulously and the adequacy of safety measures has to be ascertained to incorporate all the necessary and change and improvements required in the security systems. This current study aims to identify the various security issues that have blemished HSBC’s image and status in the recent past. The report also features the security policy that has been redefined by the organization in order to mitigate the anticipated risks along with the advanced security features that have been installed in the systems for assuring safety and security to its clients. INTRODUCTION HSBC has encountered numerous instances of data theft that has affected thousands of customers. Data reveals that almost 24,000 clients have suffered financial losses. In the year 2006, almost 9000 customers holding an account in HSBC Switzerland had their account data pilfered (Barrett L, 2010). After such incidents, it became necessary for the bank to incorporate significant improvements to its data security measures and the system as a whole involving technology in order to upgrade the current status. Such revisions added to the overall cost burden of the organization almost $93 million (Barrett L, 2010). ...
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